One item at the meeting was the discussion about a substantial loan from Regions Bank secured to fund various infrastructure projects. The loan, amounting to up to $19.5 million, would finance the construction of Fire Station 70, the Craig Park seawall, a new golf course clubhouse, and several stormwater and utility projects. The choice of Regions Bank came after receiving 11 proposals and was driven by their ability to offer an informal rate lock at 3.74%, deemed less risky than other options. The loan’s terms include issuance costs of $60,000, with a ten-year repayment period.

Additionally, there was a focus on the nature of the loan. A question arose about whether the funds would be available as a lump sum or a drawdown, with implications for interest payments. It was clarified that the funds’ exact usage remains under discussion, with a note to follow up on specific allocations. The potential for interest earnings was mentioned, although legal limits exist on how much interest can be accrued on the account holding the funds.

The committee also addressed the fiscal year 2026-2027 budget process, noting that the timeline provided was outdated due to changes from the city manager’s office. A participant requested more detailed financial insights, particularly the sources of funds for various departments, including the library and water services. This request highlighted the need to understand how much funding derives from the general fund, citizen fees, donations, and grants, as the current focus seemed skewed towards outgoing expenses. The self-funding status of the golf course, now able to finance its new clubhouse through the loan, was noted as a positive development.

Another discussion point was the status of the emergency reserve fund and outstanding FEMA reimbursements. Approximately five to seven million dollars in FEMA funds remain unrecovered, a situation not uncommon among municipalities. The committee discussed the movement or borrowing of funds to cover expenses and emphasized the need for clarity on how and when these funds would be reimbursed. A breakdown of outstanding projects awaiting FEMA reimbursement and their associated funds was suggested for future review.

Kimpton, who transitioned from the City of Dunedin, described her budgeting approach as conservative, maintaining reserves for emergencies like hurricanes or pandemics. She acknowledged the differences in spending approaches between Tarpon Springs and her previous city.

Kimpton’s introduction to the committee marked a transitional phase for the finance department. She expressed enthusiasm for her new role, referring to it as her “forever home,” and emphasized the importance of familiarizing herself with the team’s operations. Her background as a budget manager and staff accountant in Dunedin provides her with the expertise to navigate the city’s financial landscape effectively.

In addition to financial matters, the meeting included procedural discussions, such as the appointment of a new chair and vice chair. Kathy Hall and Susan were nominated for these roles, with members expressing approval without a formal vote. The meeting concluded with plans for the next gathering on April 30th, where agenda items will include reviewing fiscal year 2025 audit financials and updates on the loan.